Palmonas

Palmonas operates within the demi-fine jewelry sector in India, positioning itself as a direct-to-consumer (D2C) brand that bridges the gap between expensive fine jewelry and lower-quality costume pieces. The company was founded in Pune in 2022 by the husband-and-wife team, Dr. Amol Patwari and Pallavi Mohadikar. The business idea originated from a conversation between the couple; Mohadikar, who has sensitive skin and reacted to imitation jewelry, was inspired when Patwari, an orthopedic surgeon, discussed the longevity and skin-safe properties of surgical-grade stainless steel used in medical implants.

Dr. Amol Patwari is an orthopedic surgeon with over a decade of experience, having completed his MBBS and MS in Orthopaedics. Pallavi Mohadikar is an alumna of IIM Lucknow and the College of Engineering Pune (COEP) and previously founded a successful digital-first saree brand, Karagiri, which was later acquired. Her experience in brand building and e-commerce complements Patwari's medical insights. The brand name "Palmonas" is a portmanteau of the founders' and their daughter's names (Pallavi, Amol, and Anaya). In a significant development in March 2024, Bollywood actress Shraddha Kapoor joined the company as a co-founder after being a loyal customer, which substantially increased the brand's visibility.

The company's business model is centered on offering affordable luxury. It targets modern Indian women, Gen Z, and millennials who seek stylish, durable, and skin-friendly jewelry for everyday wear. Palmonas manufactures its pieces using base metals like surgical-grade stainless steel and sterling silver, which are then plated with a thick 2.5-micron layer of 18k gold—a process known as gold vermeil. This technique ensures the jewelry is tarnish-proof, waterproof, and hypoallergenic, offered with a warranty. The product catalog includes a wide array of items such as necklaces, rings, earrings, and bracelets, with prices ranging from approximately ₹800 to ₹5,000. The company maintains a dynamic inventory, launching up to 150 new designs monthly. Revenue is generated through direct sales from its e-commerce website and a growing number of physical offline stores, with an initial flagship in Pune.

Financially, Palmonas has demonstrated rapid growth. The company appeared on Shark Tank India, securing an investment of ₹1.26 crore from investors Namita Thapar and Ritesh Agarwal, which valued the company at ₹126 crore. In fiscal year 2024, Palmonas reported revenues of ₹5.38 crore. The firm recently secured a Series A funding round of ₹55 crore led by Vertex Ventures, elevating its valuation to ₹550 crore. This capital is intended for domestic and international expansion, increasing its offline footprint, and investing in AI-driven personalization for customers.

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